Issues with e-commerce at Colleges and Universities: Colleges and Universities typically accept credit cards or ACH as the payment method for their online payments The credit card was not created for this "cardholder not present" type of application and thus the school is responsible for all charge-back issues Credit card transactions can cost 2% or more of the total transaction amount, costing some universities millions of dollars annually ACH was not designed for single payment transactions Charge backs: credit card = 180 days; ACH = 60 days; e-ValuCheck = 0 Administrative return processing for ACH transactions is manual, costly and difficult to correct The total cost of processing credit card and ACH payments is expensive compared to e-ValuCheck. At many universities, registration is completed "online" and payment by check is done "in line" For any required proof of payment situations, a parent must supply a copy of their credit card statement or in the case of an ACH payment, a copy of their bank statement to their student who then passes this copy to the bursar's office. This is sensitive financial information! Most e-merchants warehouse the credit card and ACH information for every online consumer for batch transmission at end of day (a security / confidentiality issue that is not required with e-ValuCheck) Many universities have experienced the situation where a student has paid for registration via an ACH payment and then dropped out of class early in the semester. The school has then issued a refund check to the student for their registration fees, only to have the student deny their original ACH payment. The school is now out the dollar amount of these fees and the student cannot be located.
How e-ValuCheck Secure Payment Processing Works: All checking account information for every online consumer is warehoused in a single location within the e-ValuCheck Web datacenter. There is no exposure or associated cost for the university concerning the liability or safekeeping of this critical online consumer financial data. The bank provides the ultimate electronic lockbox system for paper checks The university never sees, handles or deposits a single paper check with e-ValuCheck For the university, e-ValuCheck payments are electronic items that post to the A/R system in an automatic mode For the student or parent, e-ValuCheck payments are paper checks that will be returned with all other checks they wrote during the month, as proof of payment For the university's bank, the fully encoded e-ValuCheck paper checks are available for immediate deposit to the university's account The cancelled check becomes the receipt rather than a line item description on a credit card or checking account statement, as is the case with ACH and credit card payments There is no interchange or discount rate on these payment for the university to pay Eliminates the need for taking checks at the Bursar or Cashier's office, via the e-ValuCheck / NetDeposit process for in person payments Reduces the cost of payment processing for all college and university payments accepted online Fulfills the Federal Information Right to Privacy Act requirements
Ease of Use and Cost Savings: The college or university simply implements a hyperlink to a secured e-ValuCheck Web server The link can be easily integrated to the university's online systems Authorization is as quick and easy as a credit card approval process The interface is a similar format to that for credit card processing The cost is a per transaction service fee which is charged by the college or university's bank, and there is no upfront charge or investment required Fees are charged only as each transactions are processed
Colleges and Universities typically accept credit cards or ACH as the payment method for their online payments
See demonstration of "e-ValuCheck for Immediate Registration"